Charles Schwab Corp.’s stock SCHW fell 0.5% on Wednesday on the heels of a report by RIABiz that the broker has laid off up to 2,000 employees this week as part of a previously disclosed effort to save $500 million in the second half of the year. William Blair analyst Jeff Schmitt reiterated an outperform rating on Schwab “due to the potential for a significant rebound in EPS in 2024 and 2025 as cash sorting abates, short-term funding costs decline, client cash stabilizes, organic growth returns to historic levels and share buybacks reemerge,” Schmitt said in a research note on Tuesday. Key risks include higher-than-expected…
